Moody's rates Pfizer notes A1

Moody's Investors Service said it assigned an A1 rating A1 to the new senior note offering of Pfizer Inc. The outlook is stable.

Proceeds of the offering are expected to be used for general corporate purposes including upcoming debt maturities.

The agency said Pfizer's A1 senior rating reflects its position as the world's largest pharmaceutical company, its strong product and geographic diversity, its high profitability and its strong cash flow.

The company has weathered the worst effects of the 2011-2012 Lipitor patent expiration, buffering the impact with significant cost reductions, the agency said. Going forward, additional patent expirations will still pressure earnings, but to a lesser degree, Moody's said.

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